The Broad Center

“The organization does not employ a chief financial officer. The typical responsibilities of this role including finance, accounting and tax are handled by family office financial services, llc who provides finance, accounting, tax, human resources, it, public relations and other support services. In 2020, the organization paid family office financial services, llc $697,604 for financial services.”

“The board of directors has authorized the audit committee to approve the annual tax filings. A copy of the organization's form 990 is provided to the audit committee of the board of directors for review approximately 30 days prior to filing. The return is also made available to all members of the board for review prior to filing. After the audit committee has discussed and reviewed the return, and considered any comments from the other directors, the return is approved and filed.”

“The broad center's conflict of interest policy covers board members. Board members complete an annual conflict of interest survey, and they are required to disclose conflicts of interest at each board meeting. Any potential conflicts are reviewed by the remaining board or committee members. Any conflicted person must recuse him/herself from the deliberation and decision regarding the matter.”

“To determine compensation for the organization's executive director, key employees, and officers, the executive committee of the board of directors meets to review their job responsibilities, related experience, compensation history, performance reviews, and comparability data from peer organizations compiled by an outside contractor. Minutes from this meeting are taken to document the committee's deliberation and decisions.”

“The organization's forms 1023, 990, and 990-t are available upon request and delivered electronically. Contact information is provided on page 6, part vi, section c., line 20.”

“The organization's audited financial statements are available upon request and delivered electronically. Contact information is provided on page 6, part vi, section c., line 20.”

“In 2020, the executive director received compensation for services in excess of $10,000 and therefore is not an independent voting member.”

“The organization's volunteers include the uncompensated board members.”

“In march 2020, the board of directors of the broad center resolved to transition its national programs to an unrelated 501(c)(3) organization of higher education and this organization has agreed to continue the valuable work of the center. The transition began in 2020 and will continue into 2021.”

“While the eli and edythe broad foundation (eebf), a 501(c)(3) private foundation, is currently the majority funder of the broad center (tbc) and eli broad founded both entities, they are not related organizations by definition. Eli broad is not an officer, director or employee of tbc. There is no parent/subsidiary, brother/sister or supporting/supported (under 509(a)(3) or 509(f)(3)) organization relationship. Neither organization has the power to remove and replace, or a continuing power to appoint or elect, a majority of the directors of the other organization. A board overlap does not exist where directors of one organization constitute the majority of the directors of the other organization. Furthermore, there are no financial dealings (i.e. Loans) between the two entities other than the grants from eebf to tbc. Tbc expends all grant funds from eebf within one year.”